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to solve the deficit standoff, people should listen to this guy. plouffe said this is going to get hairy? >> we want to engage in comprehensive tax reform. we also need to engage in entitlement reform. you know? medicare, medicaid carefully, these are chief drivers of our deficit. we made a lot of progress with obama care and there's other spending we have to cut. >> hold on a second. i think we all know what the chief drivers of our deficit are and have been. our projected deficit over the next seven years is driven mostly by the wars in iraq and afghanistan and the bush tax cuts. entitlement programs don't even compete with these costs. plouffe went on to pin the problem largely on republicans who are not flexible on higher tax rates, but he also said this. >> and so where i think the big bottleneck right now is republicans in congress on revenue and how much and where does it come from. democrats are also going to have to step up here and do some tough things. and you know, the notion that somehow that these deficits and our debt are not a threat to our national security and our econo
that reduces the deficit by $4 trillion. that is substance. so he has not waited for people to start smelling the jet fumes at national airport. he has actively put forward a plan. >> the white house and republicans are ramping up their pr, something significant is happening behind the scenes. both sides appear to be preparing their own basis to eat their vegetables, if you will. in other words, get ready to make some sacrifices on sacred cows that are required for a grand bargain. for republicans that means swallowing changes to the bush-era tax rates and yesterday the first major house republican broke with the party line in a private meeting with the house republican whip team which is responsible for counting the conference's votes. oklahoma congressman tom cole said it's time to immediately extend the bush-era tax cuts which, of course, is what obama is calling for, for households earning less than $250,000 a year. then he later told "the new york times," quote, the first thing i'd do is make sure we don't raise taxes on 98% of the american people. we'll get some credit for that, and it'
dollar deficits every year and throw a tantrum if someone suggests that maybe the taxpayers shouldn't keep subsidizing ever last program washington ever dreamed up. they are reckless and ideological approach threatens our very future. and anyone who is serious about solving the problems we face should ignore all of that starting with the president. megyn: meantime some of the president's supporters unleashed and ad blitz targeting key lawmakers reportedly spending close to $300,000 on an ad buy that talks about increasing taxes but leaving spending alone. here is part of that. >> how do we move our country forward and reduce the deficit, by creating jobs and growing our economy not by cutting programs that families rely on most. megyn: join me now is stu varney, who is host of varney & company. and chris stirewalt. you have all the unions unleashing and ad blitz to target the home states of key lawmakers trying to build pressure on them to not agree to any entitlement spending cuts and they are going directly to the american people to sell that message. what do you make of it? >> i
" and he joins me now. thanks for being with us now. we appreciate it. you compare the deficit to an insurance policy. you say it doesn't make you any richer in the short-term, but in the long-term, it is helpful. i want to actually put your statements up. you say let's agree to keep deficits very high for at least another year. and then let's buy an insurance policy against that debt crisis when we can really afford it. so lots of republicans and democrats out there would disagree greatly with you. say that america's ability to pay its debt is really important. how would you respond to them? >> right. i do think that there's a thing that's taken place in washington deficit reduction will stimulate us to enormous growth in 2013. the fact is what deficit reduction is, is tax increases and spending cuts, both of which take economic activity out of the economy. so this really is extremely similar to insurance. if i buy, say, flood insurance. what i'm doing is i'm paying a short premium in the short-term, to protect my house in the long-term. that's exactly what deficit reduction i
, we have a trillion dollar annual deficit and this would not close that gap at all. so the president needs to come up with a plan and for better or worse going to require leadership. no member of the senate or the house is going to be able to do this, this is something the president has to do by himself and he can't do it on the campaign trail. >> let me ask you this because you wrote an op-ed today and you wrote about divided government about the deal. you said divided government means that neither democrats nor republicans will be able to pass legislation along strictly partisan lines. we cannot tax our way back to budget surpluses and economic prosperity without major spending cuts and entitle 347b9 reforms we will continue running a huge deficit regardless of what anyone does on either side. for every dollar of revenue you give him, he'll give you $2.50 of spending cuts. if he gave you that on spending cuts, it would be 8$850 billon year would you do that? >> the president has said a lot of things, but what counts is what he's willing to put on the table and so far, he hasn't put
and be on the group with a group of bipartisan business leaders and deficit hawks getting something done, meeting with republicans and democrats. do you have any more optimism let me point out you and your pal erskine bowles, he was quoted as saying he's more pessimistic something will be accomplished. >> my poor dear partner, bloodied but unvowed, six months ago erskine was saying i think we can get there. now, he's pessimistic. would be a word. we were just with a group go big or go home, democrats and republicans alike, they've got signatures of over 200 -- 102 house members, half of the senate working for us, equally divided on both sides, you have to have something bipartisan. you can write it on a single sheet of paper if it had firewalls and triggers, and if it were just signed by an equal number of democrats and republicans, the markets would lay off of us. if they continue to see this dead-head struggling, the same old stuff, they're going to punish us. when they do the guy that will get hurt is the little guy, middle class, inflation, interest rates, that's who gets hammered. what an ir
on a comprehensive plan to bring down our deficits, to streamline our tax system, to do it in a balanced way, including asking the wealthiest americans to pay a little more so we can invest in training, education, science, and research. now, i know some of this may sound familiar to you because we talked a lot about this during the campaign. this shouldn't be a surprise to anybody. this was a major debate in the presidential campaign and in congressional campaigns all across the country and a clear majority of americans, not just democrats but also a lot of republicans and a lot of independents agreed we should have a balanced approach to deficit reduction that doesn't hurt the economy and doesn't hurt middle class families. and i'm glad to see, if you've been reading the papers lately, that more and more republicans in congress seem to be agreeing with this idea that we should have a balanced approach. so if both parties agree we should not raise taxes on middle class families, let's begin our work with where we agree. the senate's already passed a bill that keeps income taxes from going up
debtor deficit spending, or where spending cuts of any type might come or how we are going to address the larger issue: we all know that tax hikes on the rich ain't going to get it down. progressive groups reportedly held a private meeting with senior obama administration white house officials. according to the "washington post" the groups were told not to worry about any entitlement reforms or big budget cuts. the so-called safety net programs according to them are not going to be touched and the progressive groups walked away feeling very happy. the report say the white house feels it does not need to compromise, period and is willing to let the big tax hike happen on everybody. the big tax hike is what everybody will face not just the rich or the middle class. they think they'll be in a better position to negotiate with the g.o.p. after that happens. chris stirewalt joins me, host of power play on foxnews.com. >> i was a little frightened, i thought something i, really bad was happening instead of the standard badness. megyn: that is terrifying. [laughter] back down to business, t
. >> reporter: but raising taxes is only one-half of a deficit deal. republicans want democrats to raise the eligibility age for medicare. >> i want entitlement reforms. republicans put revenue on the table, democrats always promise to cut spending. i'm looking for more revenue for entitlement reform before the end of the year. >> reporter: so far democrats sound lex flexible. >> we've got to make sure there is seamless coverage of afordable health coverage for every american. my concern about raising the retirement age gaps in coverage or coverage that's way too expensive for seniors to purchase. >> reporter: there are many potential cliffs but higher taxes for structural changes for medicaid and medicare may be abong the biggest. bob corker argued for both warning everyone against punting this until next year or accepting phony savings that don't solve or at least address the underlying deficit and structural debt problems. charlie and norah? >> let me add my voice, congratulations you on this day enharnting one of the big jobs in journalism. they're big shoes
krugman sounded a different note today in the "times" and is talking about this idea that cutting deficits is a number one priority. he writes supposedly any day now investors will lose faith in america's ability to come to grips with its budgets failures. when they do there will be a run on treasury bonds, interest will spike and the u.s. economy will plunge back into recession. this sounds plausible to many people because it's roughly speaking what happened to greece but we're not greece. he's saying while this is a real dynamic for some countries, it is not because of the way we fund ourselves, is that right, ben? >> that's right. i would say morning munnize not actually by given name. >> i didn't know that. >> he's right, we're not greece, we're a much larger economy. we can grow our way out of debts and deficits. we've got a ginormous economy. we had a huge black friday weekend. probably $600 billion for the total shopping over the holidays. the question is, as we get close and getting into december, if it looks like talks are breaking down and we have the same old lines on no tax inc
an annual deficit of about 9 billion. money they that can never never be paid back. what is california getting for all of that? high school graduation rate 37 out of 50 states. per capita income, $44,500. but, there is a 10.1% unemployment rate. crime number one. there are more prisoners in california than any other state. take a look at texas. high school graduation rate ranks 44th. slightly above california. per capita income about 40,000 bucks per year. but there is relatively low unemployment 6.6%. convicts in state prisoners ranked number two behind california. so you can see there is not a big difference in the economic and social stats but there is a big difference in mind set. california has many more social welfare programs. golden state also has many more business regulations. texas, you could pretty much set up any bigness you want. you can also ride a motorcycle without a helmet. talk on the cell phone without a car and on and on. texans basically saying hey, government, get out of our lives. californians on the other hand generally embrace big government in just about all
is an integral part of deficit reduction. from my side of the table, bring entitlement reform into the conversation. social security, set aside, doesn't add to the deficit. when it comes to medicare and medicaid, protect the integrity of the program, but give it solvency for more and more years. >> reporter: a source with engine of knowledge -- with knowledge of the negotiation says there is no date set in stone for the next meeting among the principle negotiate othe timing will depend on the progress of staff member, in the next few days. but we should not be surprised if they get together, sthiem week. shannon. >> shannon: we wish them much luck. thank you. our worst-case scenario, there isn't a deal. the former economics director it'll peter tracy, tells what did you say to expect if that happens and what will happen if it doesn't. let's talk positive, first. who do you think, if something comes together, will be the key players. >> we need to see president obama move off the position of entitlements and propose real reductions, tangible, real, so there is something to bala
that his number one focus was jobs and the economy and also having a long-term plan to reduce the deficit in a balanced way and that means in addition to cuts you would also have revenue, revenue that you get by asking higher income earners to pay a little bit more to reduce the deficit and so the president was really clear in the campaign and i think it is really important that he take that discussion to the country now because he has said to the congress, the president said to the congress, just extend immediately all the middle class tax cuts and then we can decide what to do with folks at the higher end. again, it is important to understand the president has proposed that everybody get continued tax relief, existing tax rates, on the first $250,000 of family income, so he says let's extend that for everybody right now, but he believes we should ask higher income individuals to pay a little bit more. >> house majority leader eric cantor was on morning joe talking about the grover norquist tax pledge and whether he like other republicans would be willing to jump ship. here is his answer
% of the trillion dollars deficit why risk slowing down the economy, which a lot of people say might happen if you increase taxes why slow the economy for such a collectively small amount of money? >> first thought don't think it is a small amount of money. we need a balanced approach. david: uribe 2% of the deficit unfunded if you do that. >> to look at the president's budget, what he proposes is raising $1.6 trillion proposing spending cuts as well, combination of which would put us on a sustainable path in the economy in the long run. what we should avoid doing is having gridlock, not extending the middle-class tax cuts would wish on our report today is if the middle-class tax cuts are not extended that will cause consumer spending to fall by $200 billion next year. that'll be an awfully big hit to the economy. liz: to a for somebody economic council, physically says middle-class tax cuts on consumer spending, everybody spends. how do we come to this agreement, we keep hearing left the tax cuts they now warren buffett came out with an op-ed in "the new york times" say saying we should make that
. >> well --. megyn: where does the money go? does it all go to the deficit, or to the debt? >> no. megyn: because we, a lot of americans think, all right, i want to help my fellow citizens and i don't like this national debt but you know who i don't want to help? i don't want to have jeff neely to have another trip to the hot tub and drink his red wine. >> forgotten about him. megyn: the feds shown propensity for misspending the people's money. >> well, think about this. we're talking about, we have a government that runs a trillion dollar deficit every year. that borrows more than three cents of every dollar it spends. here we're talking about a deal that would be 1.6 trillion over 10 years. talking about $160 billion a year. it is just, just littlest scratch in the surface when you talk about long-term debt and different sits. this is being made out to be a big deal but this money will get you can ised pretty fast. megyn: look at the fight we have over just that. can you imagine the fight we would have if we really tried to tackle the $16 trillion debt? chris, great to see you. >> good
to solve our fiscal problems. the deficit will essentially go away. the bad side we're in a deep recession and the deficit will go away. this is an economy that can't afford to have 4% of our spending disappear just next year. we'll see a recession next year almost for sure and for certain. so that's the sense in which i think this is something to worry about. we want -- the recovery is faltering right now and we really don't need congress clubbing it over the head again, pushing us back down yet again. >> yet again. justin, thank you, sir, from the university of michigan. great to have you. >> thanks, alex. >> catch one of the key players in the fiscal cliff negotiations right here on "now" when senator patty murray joins us tomorrow at noon eastern. >>> and coming up after their romney nominee received just over a quarter of the latino vote republicans say they're ready to put up when it comes to comprehensive immigration reform. what are they doing about it? so far putting up a lot of window dressing. the display when telemundo's jose diaz-balart joins us ahead. want to try to crack it?
and that is however we try to deal with the deficit it has to be balanced and it has to call on wealth the wemt iest americans to do their share, and that's all we're looking for, so i think people are dreaming if they think we're going to get a deal on entitlements in three weeks. that is not going to happen and i think it would be irresponsible to try to come up with any approach to entitlement reform in such a compressed period of time. >> reasonably what do you think can get done in the next three to five weeks until the first of the year? >> i think we can head off the problem with everybody's taxes going up. the senate has already passed a bill extending the tax cuts for 98% of the american people. that's a real easy one if speaker boehner can deliver maybe 30, 35 votes. i think we would be happy to pass that and avert that huge tax increase at the end of the year or beginning of next year and we can extend the spending limits and delay the across the board cuts until a more comprehensive balanced approach is negotiated. >> senator bob corker is putting out a plan that includes a trillion doll
except social security. the president argues that social security is not driving the deficit problem. it has solvency issues of its own but the president wants those dealt with downstream, sometime next year and on a separate track. now congressional republicans, especially those eager-- or at least willing-- to raise tax revenue want social security, medicare and medicaid as part of the fiscal cliff negotiations. if that's the price tag of a grand bargain, the white house says at least where social security is concerned it's not going to buy. scott? >> pelley: major, thanks very much. it appears the new president of egypt may be backing away from the biggest crisis there since the revolution. there have been four days of protests after president mohammed morsi seized near absolute powers saying that his decisions cannot be overturned by the courts. well, tonight we're hearing that talks between morsi and the supreme court continue with an eye toward compromise. it's a developing story and holly williams is in cairo tonight. >> reporter: in cairo today, they buried a young man who di
address the fundamental problem and driver of federal deficits and debt. and that's reforming these entitlement programs that are on an unsustainable path right now. >> so but remember the president also said when he extended the 35% tax rate for the upper income for those making more than $250,000 a year, he says -- he said then that was the last time he was going to do it. it was a one-shot deal. he wasn't going to do it anymore. and as you know he ran his re-election campaign on the notion he was going to increase the tax rates from 35% to 39.6% for those people making more than $250,000 a year. you think he's likely to blink on that? >> you know, i don't know. i hope he is at least willing to work with republicans. republicans are open for business up here. if he wants to bring entitlement reform into this discussion -- and you made the comment or showed dick durbin's comment this morning about that would be too hard to do. well, all the work's been done. you've had simpson bolls, a lot of work out there has been done. we know what the issues are and what it's going to tak
dick durbin says medicare and medicaid are fair game in deficit negotiations, but insist social security should be left alone. >> social security does not add one penny to our debt, not a penny. it's a separate funded operation, and we can do things, and i believe we should now, smaller things, played out over the long term that gives it solvency. medicare is another story. only 12 years of solvency lie ahead if we do nothing. so those who say don't touch it, don't change it are ignoring the obvious. >> despite showing willingness for reform -- >> can we talk about that for a second? >> i don't want to repeat what you said. >> it's bull hockey. >> that's not what you said. >> this whole thing has been a complete farce for years. there's no trust fund. they raided that a long time ago. but the bigger point, i will because you know what? my heart has grown like the grinch's since thanksgiving. i have so much to be thankful for. >> it's been growing ever since election day, basically. >> so i'm going to be kind. first of all, senator durbin deserves respect on this front because he
care law be on the table in the deficit talks, although didn't he tell diane sawyer it was the land of the law? anyway, the cincinnati enquirer saying we can't afford it and can't afford to leave it intack. so, keith, are we -- i mean, is this the same version repeat the first, whatever that is? you know, same old, same old. he told diane sawyer straight to her eyes this is the law of the land. >> i guess the tea party people got to him. there's a story that they called election night and neither one came to answer the phone and reportedly they were asleep. i think they actually were asleep because apparently they slept through the fact we had an election and they lost. they still think that they're going to repeal obama care and john boehner, if he seriously thinks it's up for negotiations in this fiscal cliff talks has to be crazy. out of his mind if president obama or democrats have a reason to give up on something that the american people approved. it is just not going to happen. they need to move on. >> zachary, one thing about the fiscal cliff, because there are certain rumors
international and irskin bowles are amongst those scheduled to attend. half the bowls simpson deficit planned and laid out own formula to save $2 trillion. it is clear republicans like his ideas which would generate $800 billion in revenue through tax reform. meanwhile so much tax reform about allowing the bush tax cuts to allow the wealthy tox expire cost $9.69 billion a day to run. estimated additional revenue from allowing the bush tax cuts to expire would generate an average of $82.4 billion a year. so the money saved would run the government for 8 and a half days, shep. >> shepard: mike emanuel live in our newsroom. warning from the white house tonight. it says americans who may do less holiday shopping this year because they are worried about possible tax hikes in january. if we do go off the cliff, the white house is predicting more serious consequences for the entire economy. a lot of details here and they are coming up inside fox report. well, just hours remain in what is expected to be the biggest online shopping day ever. the research firm core score predicts americans will spend $
've been working to develop a deficit reduction plan. let me just ask you how you feel right now. 11 days since the president's met with congressional leaders face-to-face, do you think there needs to be more meetings like that right now? >> well, i think the president is doing the right thing. he's got to make the case to congress and the american people. not only of the dire consequences if we go over the cliff, but actually the tremendous upside. and one of the things we don't focus on enough, if we get a real deal, the amount of private capital that will come off the sidelines, invest in this country, we look pretty darn good compared to the faltering economy in europe, the slowdown in china. you know, this could actually be the biggest job generator of anything that's been talked about recently. >> one thing i'm confused by and maybe concerned by also, though, is something that you know well. that the outlines of a deal are pretty clear. there are different options, there are choices, there are tweaks around the edge, but the outlines of the deal are there. and two weeks ago, everyon
% of the taxpayers and it's maybe $5 billion to $10 billion a year. relative to a $1 trillion deficit -- not saying it's nothing, but it's just such a tiny amount -- >> people at his income level are paying that. >> i have to say, if we're going to have a big tax debate, let's have one that really matters, now about this warren buffett rule which won't raise enough revenue to make a dime's worth of difference whether it comes to the federal budget. let's figure out what do we want to use our tax code for and what do we have to change to make it do that. >> let's move on to the next one which would put you in -- give you a real tax problem here. the powerball jackpot set for a record $425 million this wednesday. no winner over the weekend. what would you do with a half billion that came as a windfall to you? >> first thing i'd do, i'd give everybody i know a lot of money and say don't come back again. here you go. i'm going to seed all your brilliant ideas but that's all you get. second, i think i would look for -- a lot like peter thiel has done, look for underinvested ideas, writers, artists, tech
't make a deal. later he's hosting big business leaders to talk about ways to cut the deficit. joining me to talk about this, "washington post" political columnist day ma milbank and terence page. >> good morning. >> clarence, big development with tom cole breaking from his party and saying they should support an immediate extension of bush-era tax cuts for households earning less than $250,000. and then deal with the higher income tax breaks later. this is the key argument the president has been making. he says this has to get done. it is a sign the democrats' arguments are working? is tom cole an outlier among republicans? what's going on? >> it's a sign of the diversity in the republican party and that's something that president obama's team is trying to work on. they're trying to develop divisions and to break the logjam, the big showdown that's going on between speaker boehner and congress on one side and president obama and his team on the other. so it's a sign, but we've still got a long ways to go. >> if you can believe it, the negotiations got arguably more complicated yesterday
, the deficits are going to go even higher. >> oh, yeah. even a maximum deal, i think, all of us would agree is not going to happen. simpson-bowles is not going to go through. even that would not be commensurate with the question. and i think what exacerbates this is every day that passes, the president works on one kind of clock. and everybody else invested in the system works on a different one. the president's clock is now just ticking toward history. everybody else is ticking toward the next election. both in '14 and in '16. and the human reality of politics is that as he starts to think more long term, everybody else is going to be imprisoned, if you will, or trapped, constrained by having to go back and getting re-elected. >> let me stop you for one second. you're a historian. i am a politician by trade when it comes to this stuff. and i can tell you the clock is actually, in my opinion, the clock is actually ticking fastest for the president. because at some point, the republicans are going to pick themselves up off the ground, and they're going to say, wait a second. i got 78% in my
billion a year and would pay ian volving credit but it doesn't touch our deficit or balance our budget and the other thing that is important they have to get something in return. we'll put it up on the clinton rates and not touch medicare or medicaid? it is all part of the deal. >> gretchen: once you get people back to the table. it is it like a marriage, marriages don't work when one party said i will not budge on anything. >> brian: i hope my wife is listening. >> steve: we are in the let's make a deal stage. both sides want to appear flexibility when it comes to doing something. we aapparently the president of the united states. the week after thanksgiving nothing is scheduled. but we understand that the top aides are working together to do something. who is leading the charge for the white house? tim geithner. it is interesting, in the beginning, during the confirmation it was revealed he did not file taxes properly and people say is he qualified to be the treasury of the secretary. according to the wall street journal. they work with him and like him. and jack lu who did it last t
deficit. and i know we have seen this morning also several editorial writers indicate the same, that it is important that we put these drivers of the deficit on the table and include them as part of any agreement to avoid the fiscal cliff. as the speaker said, we have done our part. we have put revenues on the table, something that we didn't do two years ago during the debt ceiling negotiations. we still believe that it is most important for us to address the economic situation in this country where so many people are out of work. and that's why we take the position and believe strongly that increasing marginal rates is income tax rates is not the way to produce growth and to put people back to work. but we have not seen any good faith effort on the part of this administration to talk about the real problem that we're trying to fix. i'm told that mr. bolz, some of us will meet with him later today, has said earlier this morning that there's been no serious discussion by the white house on entitlements on medicare and medicaid. this has to be a part of this agreement or else we
biggest deficit. we need to react on the facts and then that's what should be done. >> eric: ford tseems to some, miss rice has a lack of trust, though she said she relied solely on the intelligence. she said she made it clear that what she was sayinged about the muslim video was preliminary. >> again, blaming the intel is a copout. i think she needs to get the count opportunity to explain herself. she needs to take accountability of her actions. it cements to be clear, nobody knows for sure, she allowed herself to be a pawn for the administration. if you are going to be the nation's top diplomat, have you to show some independence. yes, have you to have loyalty to the administration. but your responsibility's to the american people. i agree here, the bottom line, we have four dead americans and no answers. we need to get to the bottom of this in a bipartisan way. >> eric: when you use the word "pawn," you say you are part of the administration, you are saying that the administration's lying come and they say it's true. is that a fair characterization? >> why didn't they send secretary p
help the deficit. warren buffett can help them out. lori rothman and melissa francis with more coming up. dagen: the market is up, that is good. good afternoon read >> pushing for middle-class tax cuts without any spending concessio concessions, president obama to meet with business leaders on the fiscal cliff after speaking just last hour. we'll ask lou dobbs that he thinks ceos will help to make deals happen. >> now washington is looking at the one sacred mortgage deduction, maybe get rid of it to help heal the budget crisis. >> charlie gasparino on the future of the firm. time for stocks as we do every 15 minutes, before the new york stock exchange, nicole petallides on the floor. a deal is possible by christmas. >> hoping to get some positive comments from john boehner. he is optimistic. a nice little boost. from negative to positive to the session highs, no 50 points away from dow 13,000 once again. the dow once again up 73 points. you have a lot of winners. the banking index is still under some pressure, but retailers are really stealing the show. many are doing well for a varie
, bring entitlement reform into the conversation. social security sed aside. doesn't add to the deficit. but when it comes to medicare and medicaid, protect the integrity of the program but give it solvency for more and more years. >> congressman bill pascrell is a democrat from new jersey. thank you for talking with us. >> soledad, how are you this morning? >> i'm really well, thank you. i've had many, many days off. what are the democrats willing to give? you heard dick durbin there. tick off for me and be specific, what are democrats willing to give on in this negotiation? >> well, i think the senator's absolutely correct, we need to compromise. there's no question about that. and we will not, however, in any way, shape or form, jeopardize the planned benefits for social security. i mean that's kind of installed in the american people. we changed social security over the years in order to meet the demands that the program insists upon. we will do that. but we'll do that in a bipartisan fashion. >> okay, so compromise. social security is off the table. medicare, walk me through what a
a handle on the deficit. it also has a lot of people saying wait a minute. some of these decisions could really impact -- and not a good way -- have a huge impact on the poor and elderly. for ceo lloyd blankfein, he did an interview over the weekend with cbs and made the case that the social safety net programs need to be scaled back like medicare, medicaid and social security. he says people need to lower their expectations of those sboi entitlements. easy for him to say. he made about $12 million last year. i digress. he did con socede that eventual the way to raise revenue will be for the wealthy to pay a higher tax rate. david coney is talking about addressing the entitlement issue but wants a corporate tax rate of zero. no doubt that would create huge outrage. he says that's the most effective way to create jobs in the u.s. and frees up so much money for companies to hire. many would probably agree that's important, too. you can see both sides of the story there, carol. one more extreme than the other, of course. >> of course. we'll see what happens. alison kosik at the new york sto
we need other than taxing the rich? >> we need a framework so you can look and see the deficit is coming down to near zero. that's what we need. >> where do we get the money on the spending side? >> well, first, on the taxes in addition to raising the tax rates, what we're going to start hearing much more about is the unbelievable tax gimmicks. i just want to say, but, joe, one thing about that, if i could. >> where is the spending coming from? >> i want to say one thing about that that's funny. go google and some of our other biggest companies have been hiding profits for years from the irs. with the irs' approval, putting it in bermuda and so forth. now europe is saying, because they use european con duets, okay, we'll tax that. no, that's money that should be taxed by the united states. stow if we continue our gimmicks we're going to lose it to europeans. >> so we have to raise rates and we have to cut loopholes. what about on the spending side? where do we get the money there? >> we're going to have to get defense under control and spend these wasteful wars have added trill
penny to the deficit. we should put together something like a simpson/bowles commission. right now it's going to last for another 22 years untouched, but let's make sure it's stronger, longer. but when it comes to the other entitlement programs, medicare and medicaid, we've got to make certain that we preserve these basic programs, not to go the route of the paul ryan voucherizing, leaving senioring vulnerable for health insurance they cannot find or cannot afford. but make sure we change the program to save the money, reduce the increase in health care costs. medicaid is the one i'll add, joe, that concerns me the most. it has the least politically articulate constituency. these are the poorest people in america. we've got to make sure at the end of the day, we protect the children, mothers with babies, and particularly the frail elderly being covered by medicaid. we can make changes there and preserve the basic integrity of these programs. >> well, of course, people in medicaid don't have the aarp fighting for them day in and day out, running 30-second ads. isn't that one of the gre
to talk about comprehensive tax reform and talk about spending cuts and talk about debt and deficit reduction. pulling out an isolated piece like raising rates or taking a mortgage interest deduction or whatever it may be, it doesn't serve a purpose. you have to look at the entire problem. if you don't do that, we're all dead. >> where does norquist fit in? has your own view on the pledge evolved? >> i'm not for increasing tax rates. i'm for reforming the code, raising the base upon which those rates might be applied. i'm not for raising the rates. >> why is this attracting a -- why is revenue in general attracting the share of the debate? i heard complaints that say we're not giving due attention to reform, to entitlements. is it just that taxes are sexy, is that it? >> if the media would stop asking about it we could talk about comprehensive reform of entitlements and of spending. it's a complicated, complex process. if you pull out one part of it and have a debate over that part, you're redirecting america's focus from where it ought to be which is comprehensive reform of spendin
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